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The Bermuda Government is planning to extend to 2035 the period of time for which the Ministry of Finance may grant an assurance to international businesses that are identified as exempted undertakings that they will be exempt from certain tax liabilities in Bermuda.
The announcement was made as part of the 2010 Speech from the Throne, given in November and delivered by Sir Richard Gozney, Governor of Bermuda.
According to law firm Appleby, the current legislation, the Exempted Undertakings Tax Protection Act 1996 and related regulations, currently provide for assurances to be granted to exempted undertakings by the Ministry of
Fortress Investment Group has appointed Thomas Chan-Soo Kang as president, Fortress Asia.
Kang will become a member of Fortress’s management committee and will have responsibility for business development, capital formation, strategy and management/administration in the Asia region.
Kang will be based in Fortress’s newly opened Singapore office, and will report directly to Fortress chief executive Daniel Mudd.
“Tom’s role underscores our deep commitment to the region and will support the continued strategic expansion of our Asia business,” says Mudd. “Tom brings an exceptional depth of experience to our team, including building and running major investment companies and establishing one of
There’s a real buzz in the air right now. Why?
US investment bank, Morgan Stanley, has appointed Kevin O’Reilly to run its China commodities at the turn of the year, reported Bloomberg this week.
Tim Wannenmacher, Nomura’s Hong Kong-based global head of prime services, has sensationally left the bank just days after outlining aggressive growth plans fo
UK bank, Standard Chartered, with its strong focus on emerging markets, has made a strategic move in Malaysia that will allow it to offer Shariah-compliant derivatives c
Asian hedge fund manager, Orchard Capital Partners Ltd, has seen assets in its Orchard Gemini Fund, which began trading January this year, catapult from USD7millio
Stenham Asset Management says Stenham Global Resources was ranked number eight in the Top 10 Performing Fund of Hedge Funds category for October 2010 by BarclayHedge.
Stenham Global Resources, a fund of hedge fund, focuses on commodity related sectors such as water, agriculture and soft commodities.
The long biased fund of hedge fund is a concentrated portfolio of ten to 15 managers with a target return of Libor plus six to eight per cent and volatility of eight to 11 per cent per year.
The fund was launched in 2006.
Jaspal Phull, portfolio manager, says: “Continued global demand for resources
AIS Fund Administration has launched AIS IR Manager, a secure document management and investor relations web portal designed expressly for the firm’s hedge fund clients.
AIS Fund Administration provides outsourced middle and back office support and fund administration to the alternative investment industry.
The AIS IR Manager allows managers to post fund documents, newsletters and marketing materials.
IR Manager is hosted by both the hedge fund manager and AIS on a restricted, password protected website.
Financial statements are uploaded directly by AIS to ensure that all information is secure and confidential. Managers are able to authorise their investors and prospects
The Ucits HFS Index was positive in the third week of December, adding an additional 0.34 per cent to its monthly performance.
All of the 11 strategies were positive, although for four strategies the gains were not enough to turn their negative December performance around.
The strategies with the best weekly performance were fixed income (+0.61 per cent), currency (+0.59 per cent) and multi strategy (+0.46 per cent).
From a year to date perspective the broad Ucits HFS Index now stands at +4.89 per cent.
